Despite talk of a bubble in high-yield, current valuations are still supported by the fundamentals, said Dan Roberts, portfolio manager for the MainStay Unconstrained Bond Fund. Roberts said spreads to Treasuries represent good values relative to the rest of the fixed income market. Dan said he disagrees with those who say there is a disconnect between the real economy and the markets. As for Treasuries, Roberts viewed them as overvalued and is shorting 2 and 5 year bills. He expects the yield curve to flatten as the market anticipates the Federal Reserve raising interest rates.